We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias.
But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

American Express Personal Savings CDs review

Choose a CD term between six and 60 months to earn competitive annual percentage yields (APYs) on your deposit.

Saving can be tough, especially if you have a tendency to make more withdrawals than you need to. Certificates of deposit can help you keep your money out of reach for a set period of time, plus earn more interest than you would with a savings account.

American Express offers competitive rates on a range of CDs, putting your money to work to help you reach your savings goals.

0.55%

1-year APY

2.05%

3-year APY

2.15%

5-year APY

Details

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

What are the benefits of American Express CDs?

Regardless of which term you choose, American Express Personal Savings CDs offer these benefits:

No fees. There are no fees to open or maintain this account, so you’ll can save more of your money.

Interest options. When your interest earnings are credited to your account, you’ll have the option to have them transferred to your savings account, a different linked account or have a check mailed to you.

No minimum deposit. You can open an American Express CD with as little as $1.

Competitive rates. Amex has paid higher interest rates than most banks and credit unions are willing to offer.

How to open an American Express CD by phone:

You can also call 800-446-6307 to speak with a representative and open an account.

Eligibility

To open an American Express CD, you’ll need to meet the eligibility requirements:

Be at least 18 years old.

Use the account primarily for personal, family or household purposes.

Be a US citizen or resident alien with a valid Social Security number or Taxpayer ID.

Have a valid US home address.

Required information

During the application process, you’ll be asked for the following information:

Social Security number or taxpayer ID.

Name, address and date of birth.

Account and routing numbers.

Email address and phone number.

Funding options

During or after your application, fund the account using one of the following methods:

Mail a check.

Make a transfer from another bank account.

How do I cash in a CD?

Once your CD reaches maturity, you’ll have a 10-day grace period to choose between the following options:

Let it automatically renew at the same rate and term.

Withdraw all funds without penalty.

If you don’t make a decision, your CD will automatically renew at the end of the grace period and you’ll face a penalty if you want to withdraw your money.

American Express CD early withdrawal penalties

If you withdraw your money before the maturity date, you’ll be charged an early withdrawal penalty depending on the term:

6 months: 90 days of interest.

12 to 36 months: 270 days of interest.

48 to 60 months: 365 days of interest.

61 months or more: 540 days of interest.

How can I get in touch with customer service?

By phone: American Express Personal Savings customer service is available 24/7 and can be reached at 800-446-6307

Chat: Log into your account to start a live chat session

Mail:American ExpressPO Box 981535El Paso, TX 79998-1535

Bottom line

American Express offers competitive rates on a range of CD terms. You won’t pay any fees to open or maintain the account and can get started with as little as $1. With so many institutions and products available, it’s important to compare your options to find an account that works for you.

Frequently asked questions

Yes. Many online sources suggest that customers are satisfied with this account, though there are a few negative comments here and there.

No. You can only add funds when you make the initial deposit. Once your account reaches maturity, you can choose to withdraw your money and open a new CD with a larger deposit.

You’ll have 30 days from the date American Express receives your completed application.

No. American Express does not accept cash, foreign currency or savings bonds.

Ask an expert

Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public

finder.com is a financial comparison and information service, not a bank or product provider

We cannot provide you with personal advice or recommendations

Your answer might already be waiting – check previous questions below to see if yours has already been asked

Your Question

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our
Terms of Use
and
Privacy and Cookies Policy.

Ask a question
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our
Terms of Use
and
Privacy and Cookies Policy.

We endeavor to ensure that the information on this site is current and accurate
but you should confirm any information with the product or service provider and
read the information they can provide. If you are unsure you should get independent
advice before you apply for any product or commit to any plan.

finder.com is an independent comparison platform and information service that
aims to provide you with the tools you need to make better decisions. While we
are independent, we may receive compensation from our partners for featured placement
of their products or services. We may also receive compensation if you click on
certain links posted on our site.

Thank you for your feedback.

Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

Advertiser Disclosure

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.